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Life Insurance Jargon Buster
Insurance terminology explained...

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    Life Insurance Jargon Buster

    Association of British insurers (ASI)
    This is a large group of UK life insurance companies who provide approximately 95% of all domestic insurance policies sold here in the UK. They regularly have debates on public policy issues and represent the interests of the insurance market.

    Accident, Sickness & Unemployment Insurance
    ASU cover is a short term life insurance policy which pays you a tax free monthly income should you be unable to work due to an accident, sickness or being made redundant / unemployed.

    Actuary
    This is an experienced and qualified professional who can asses the risks of certain financial impacts. They are very knowledgeable with complicated financial systems and can asses any stats and complexities. They can then pass this information on to insurance companies who can then asses their own risks to help minimize losses.

    Body Mass Index (BMI)
    A statistical measurement comparing a persons weight against their height which then determines how healthy your weight is compared to your height. Please note that BMI is not an indication of a persons percentage of body fat.

    Critical illness insurance (CIC)
    Also commonly referred to as ‘Critical illness cover’ this is an insurance policy where the insurance provider agrees to pay the policy holder a lump sum of money should they die from or are diagnosed with any of the Critical illnesses lined out in the insurance policy during its duration. In return for this the policy holder will pay the provider a regular monthly premium.

    Convertible Term Assurance
    A term life assurance policy which can be changed to a ‘Whole of life’ policy without the need for any extra underwriting.

    Decreasing Term Insurance
    A life insurance policy which decreases in value throughout it’s term. These are usually linked in line to a repayment mortgage.

    Financial Conduct Authority (FCA)
    A none governed company who have responsibility of regulating all of the UK’s financial services such as life insurance, mortgages, loans etc.

    General Practitioner Report
    A piece of documentation outlining any medical history and your current state of health. It is created by your GP and then passed on to your potential insurance provider to help them asses and process your application. The cost of this report is absorbed by the insurance company and you are permitted to view the report before it is passed on to the insurance provider.

    Guaranteed Premiums
    All this means is that your monthly payments (premiums) will stay the same throughout the whole duration of the life insurance.

    Income Protection Insurance
    A UK insurance policy which pays the policy holder a monthly percentage of their income if they are unable to work and are not receiving sick pay.

    Increasing Term Insurance
    This is where the value of a life insurance policy increases of the course of its lifetime. This is usually by a fixed amount or percentage and is usually to protect its value against inflation.

    Indexed Linked
    If your life insurance is indexed linked then the value of the policy usually increases over time and is directly linked to the Retail Price Index (RTI). This is to help protect its value against inflation.

    Insurable Interest
    This refers to you taking a life insurance policy out on someone else. Please note that to qualify for this you must be able to prove that you would suffer a significant financial loss should that person die.

    Insurance Quotes
    The process of offering a customer a specified insurance product for a certain price from an insurance broker or company. For example, we here at Cura Financial Services Ltd offer you life insurance quotes.

    Insurance Provider
    This is the actual insurance company that you will have a contract with such as Aviva, Vitality Life etc.

    Insurance Policy
    A contractual agreement between an insurance provider and its customer (policy holder).

    Intestate
    Someone who dies and have not made a will are said to have died intestate. What this means is that the government are responsible for the distribution of the proceeds of your estate.

    Joint life insurance policy
    A life insurance policy which covers two people such as a married couple.

    Joint life first death
    A joint life insurance policy which pays out on the first death. After this pay out the policy is then terminated.

    Joint life second death
    A joint life insurance policy which pays out on both deaths.

    Level Term Insurance
    This is where your insurance premiums remain at the same level throughout the whole duration of the policy.

    Life Insurance Smoker
    When applying for life insurance quotes, this is what insurance providers class a customer who has used tobacco products within the last twelve months.

    Mortality rate
    A statistical measurement of risk to determine how likely a person is to die over a certain duration of time.

    Morbidity rate
    Similar to Mortality rate but this measurement is used to determine the likelyhood of you falling ill over a certain period of time.

    Mortgage Life Insurance
    Also known as Mortgage Payment Protection Insurance or MPPI. This is very similar to ASU cover in that it pays your mortgage for a certain length of time should you be no longer able to work.

    Private Medical Insurance
    This insurance policy will cover any specialist medical treatment you may require and cover any hospitalization costs.

    Policy holder
    The customer / client who has the contractual agreement with the insurance provider.

    Premiums
    This is the term given to the monthly repayments you pay to the insurance provider for providing you the insurance policy.

    Proposal form
    The application form that a customer fills in.

    Renewable Term Insurance
    A Term Life Insurance which can be renewed at the end of its duration with the need for any medical examination or extra underwriting.

    Reviewable Premiums
    This is where the insurance provider will review your premiums (usually on an annual basis).

    Retail Price Index (RPI)
    This is how the UK assess and calculate it’s inflation rate. It is calculated by comparing the change in cost of many different products and services. Many insurance policies can indexed linked to help protect them from inflation.

    Term Insurance
    An insurance policy taken out over a set duration of time (usually in years). Normally, if no claim is made on the policy after it’s term the the policy simply terminates with no monetary value.

    Utmost Good Faith
    A term given where both the policy holder and insurance provider shall not disclose or provide any false information which could affect the policy. It is said that both parties should act in ‘Utmost Good Faith’.

    Underwriter / Underwritten
    An insurance underwriter is a qualified professional who will undertake the task of assessing the risks an applicant may give to the insurance provider. By assessing this risk and calculating the chance of an applicant making a claim, the underwriter that then work out how much the applicant needs to be insured for and at what monthly premiums. This process is known as ‘Being Underwritten’.

    Waiver of premium
    This can be an added option of that if you experience difficulties in paying your premiums due to you being out of work then the insurance provider will continue to pay your premiums until you are able to do so yourself.


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